Vancouver, BC – September 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2023, an increase of 15.7% from August 2022. The average MLS® residential price in BC was $958,424, up 5.2% compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7% increase from the same time last year.

“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said BCREA Chief Economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”

Active listings in the province were flat month-over-month at just over 31,000 total listings and up slightly year-over-year.

Year-to-date BC residential sales dollar volume was down 17.4% to $52.7 billion, compared with the same period in 2022. Residential unit sales were down 13.4% to 54,126 units, while the average MLS® residential price was down 4.6% to $973,011.

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Sales Trend Slightly Lower in August by Brendon Ogmundson | Chief Economist | BCREA